Cathie Wood Doubles Down On Tesla Despite Leadership Exodus, Dumps $22 Million Of Crypto Stocks Amid Bitcoin Buzz

Cathie Wood-led Ark Invest made significant trades on Tuesday, involving major companies like Tesla Inc. (NASDAQ:TSLA), Coinbase Global Inc. (NASDAQ:COIN), ARK 21Shares Bitcoin ETF (BATS:ARKB) and NVIDIA Corp.(NASDAQ:NVDA).

The Tesla Trade: On Tuesday, ARK Innovation ETF (BATS:ARKK) and ARK Next Generation Internet ETF (BATS:ARKW) increased their holdings in the Elon Musk-led company by purchasing 45,145 and 70,235 shares, respectively. The transactions come amid Tesla’s recent challenges, including the departure of Troy Jones, VP of sales for North America, and increased scrutiny on its self-driving technology. The company has seen a wave of high-profile exits recently. The total value of the Tesla shares bought by Ark on this day amounts to $35.86 million, based on the latest closing price of $310.78.

The Coinbase Trade: Ark Invest’s ARKW fund sold 34,207 shares of Coinbase. This decision follows Coinbase reaching a $100 billion market cap, driven by a surge in Bitcoin (CRYPTO: BTC) prices. The sale aligns with Ark’s previous strategy of adjusting its cryptocurrency-related holdings, as seen in their earlier reduction of crypto stocks. The total value of the Coinbase shares sold is $13.28 million, given the closing price of $388.02 on Tuesday.

The ARKB ETF Trade: In a notable move, Ark’s ARKW fund offloaded 225,742 shares of the ARK 21Shares Bitcoin ETF. The value of the ARKB shares sold is $8.74 million. For the day, ARKB shares closed at $38.70. Notably the sale of ARKB shares comes as Bitcoin has been charting fresh all-time highs this week. The apex cryptocurrency hit an all-time high of $123,091.61 on Monday.

The Nvidia Trade: ARK Space Exploration & Innovation ETF (BATS:ARKX) fund acquired 2,999 shares of the tech giant. This purchase follows recent positive developments for NVIDIA, including a 10% boost in growth estimates after the U.S. lifted chip export restrictions to China. The total value of the NVIDIA shares bought is $511,929, as the closing price was $170.70.

Other Key Trades:

• Caris Life Sciences Inc (CAI): Ark’s ARKG fund bought 37,290 shares.
• Guardant Health Inc (GH): Ark’s ARKG fund sold 13,191 shares.
• Roku Inc (ROKU): Ark’s ARKK and ARKW funds sold 65,757 and 2,283 shares, respectively.
• ANSYS Inc (ANSS): Ark’s ARKX fund sold 1,174 shares.

Benzinga’s Edge Stock Rankings show that Nvidia has a Momentum in the 81st percentile and Growth in the 98th percentile. Here is how the chipmaker fares on other metrics.

Photo Courtesy: ChrisStock82 on Shutterstock.com

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal